In December 2017, Russell Loomis purchased a small Tampa Bay island for $63,500 after six months of searching for its owner. Unbeknownst to him, the 9-acre island had gained notoriety as a popular party destination.
“I was completely unaware of the immense popularity of this place among the boating community,” Loomis shared in an interview with USA TODAY. “By early February or March, the island would be encircled by countless boats and throngs of people would gather on the island to enjoy the beautiful weather.”
The spot is known by various names, including Pine Key and Paradise Island, but it is most commonly referred to as Beer Can Island.
Loomis and his friends, including Cole Weaver, joined forces to pool their money and pursue the dream of running a floating tiki bar off the shores. However, their endeavor has evolved into something greater over the past six years.
However, they are currently finalizing a deal to transfer ownership of the island and its visitors to the next set of owners.
“We have embraced our entrepreneurial spirit and made the most of what the island had to offer,” Weaver expressed, highlighting the multitude of weddings, concerts, and food and beverage services they introduced to the island. “However, it is now the right time for us to hand over the reins to someone who can take the island to new heights.”
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Beer Can Island has been a boat spot for seven generations
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When they initially purchased the island, Weaver spent 100 consecutive days there. During this time, he assisted with the bar, engaged with the influx of visitors, and even grew a substantial beard reminiscent of the movie “Cast Away.”
“I would spend my days meeting fascinating individuals, enjoying their company, and partying with them. But as the sun set, they would vanish, leaving me alone on an island, questioning if it had all been real,” reminisced Weaver.
The island’s allure lies in the diverse array of individuals it attracts, ranging from professional athletes and politicians to those whose families have been visiting for generations, spanning up to seven.
Owners in talks with potential buyers
Loomis mentioned that they implemented a membership system to facilitate the purchase of liquor from their bar. The membership options vary from $9 per month to $499 for a three-year period. Loomis stated that they were able to attract around 4,500 members. In February of this year, Beer Can Island was closed to the general public and put up for sale with a price tag of $14.2 million.
According to local reports, officials have expressed concerns regarding emergency accessibility on the island. Tragically, in 2023, a young man lost his life due to drowning while visiting the island.
According to Loomis, it is regrettable that incidents like these can occur in any location. However, he believes that the island is now safer with the presence of trained staff who can provide assistance compared to being uninhabited and open to visitors. Loomis further notes that the island has experienced a decline in order and security since the cessation of operations.
Loomis is currently considering two potential deals for the purchase of the property. One offer comes from a private buyer, while the other is from an individual who intends to acquire it on behalf of the community. In the latter case, community members are contributing $1,000 pledges, which will be deposited into an Escrow account.
“It has been a truly enjoyable project,” Loomis shared, while also expressing his eagerness to embark on his next venture.
According to Weaver, there are concerns about the potential for the tool to end up in the wrong hands and potentially become unavailable to the public in the future. However, he remains optimistic and hopeful that the tool will be further developed and enhanced.
Weaver expressed optimism about the future potential of this place, stating, “There’s still a lot of good to be found here.”
They purchased the Florida party destination known as ‘Beer Can Island’ for a mere $63,000, and now it is up for sale at a staggering $14 million. The transformation of this property has been nothing short of remarkable.